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Joint ownership with son

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M

Maryh

Guest
We are planning to purchase a 5 acre piece of property next to us, with a small, in need of major repair, house. We want to split the purchase with our son to help him get started, with the idea that he would take the back two & half acres with the house, helping him fix it up to live in. He now has a live-in girlfriend, they plan to marry next year. How can we avoid losing the property in the event the marriage fails?

[This message has been edited by Maryh (edited April 07, 2000).]

[This message has been edited by Maryh (edited April 07, 2000).]
 


I AM ALWAYS LIABLE

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Maryh:
We are planning to purchase a 5 acre piece of property next to us, with a small, in need of major repair, house. We want to split the purchase with our son to help him get started, with the idea that he would take the back two & half acres with the house, helping him fix it up to live in. He now has a live-in girlfriend, they plan to marry next year. How can we avoid losing the property in the event the marriage fails?

[This message has been edited by Maryh (edited April 07, 2000).]

[This message has been edited by Maryh (edited April 07, 2000).]
<HR></BLOCKQUOTE>

My response:

Easy. As I see this, you have choices:

1. Keep the property in your name alone; or,

2. Have the two of them enter into a pre-nuputal agreement, specifically excluding the property, in it's entirety, from the marital estate.

Good luck to you.

IAAL




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